Aditya Birla Fashion Q1 net loss widens amid weak demand – Industry News

Aditya Birla Fashion and Retail (ABFRL) on Wednesday reported a net loss in the June quarter that widened to Rs 161.4 crore from the same period last year when it posted a net loss of Rs 144 crore. The gains came amid a subdued retail environment, led by a slowdown in consumption and fewer weddings. The Bloomberg consensus estimate had been for a net loss of Rs 214 crore in the first quarter (Q1).

The company’s revenue from operations rose 7.3% to Rs 3,428 crore in Q1 from Rs 3,196 crore in the same period of the previous fiscal. This was below the Bloomberg consensus estimate of Rs 3,546 crore for the period.

At the operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22.6% year-on-year to Rs 358 crore in the first quarter of the current fiscal, which compares favourably with the market estimate of Rs 319 crore for the period.

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The EBITDA margin in the reporting quarter was 10.5%, compared to 9.1% in the same period last year.

In Q1, ABFRL’s lifestyle brands posted revenue of Rs 1,482 crore, due to a weak wedding season. EBITDA for the segment stood at Rs 279 crore, with margin growth of 50 bps at 18.8%, the results showed.

The Pantaloons segment reported quarterly sales of Rs 1,101 crore, up 5% year-on-year. The like-for-like growth for the quarter was 2% and EBITDA grew 43% year-on-year with margin expansion of 470 bps to 17.6% in Q1.

The company said its growing business segments, which include youth wear, underwear and sportswear, and sportswear, recorded a combined 5% increase, putting it on a path to profitability.

The private label portfolio, driven by fashionable merchandise and enhanced design aesthetics, saw a 66% share in the quarter. With continued improvement in operating metrics, Style Up will continue to evaluate expansion opportunities, the company added.